HPL Electric & Power Limited (HPL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+74.4%

₹417.98

vs ₹239.65 price

Levered DCF

₹38.83

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	18.17×	29.14×	49.01×	18.07×	52.89×	31.1×	6.36×	11.61×
P/B	1.65×	2.99×	2.58×	0.69×	0.54×	0.41×	0.19×	0.52×
P/S	0.91×	1.6×	1.46×	0.43×	0.41×	0.35×	0.14×	0.33×
EV / EBITDA	8.27×	12.75×	15.09×	6.93×	7.5×	6.97×	5.7×	6.73×
Gross margin	20.7%	35.2%	33.2%	33.3%	35.5%	36.8%	37.3%	34.3%
Operating margin	12.0%	23.5%	18.8%	9.4%	7.8%	8.6%	9.0%	8.8%
Net margin	5.0%	5.5%	3.0%	2.4%	0.8%	1.1%	2.2%	2.8%
Current ratio	1.36×	1.39×	1.51×	1.46×	1.44×	1.42×	1.38×	1.34×
Debt / equity	0.75×	0.7×	0.76×	0.76×	0.78×	0.78×	0.79×	0.72×
Interest coverage	2.32×	4.47×	3.06×	1.57×	1.15×	1.17×	1.44×	1.75×
Dividend yield	0.4%	0.2%	0.3%	0.2%	0.2%	0.3%	1.1%	1.7%
Payout ratio	7.1%	6.9%	14.8%	3.2%	12.4%	9.7%	7.1%	19.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.1%	10.2%	5.3%	3.8%	1.0%	1.3%	2.9%	4.5%
Return on invested capital	9.0%	18.7%	11.8%	5.4%	3.2%	4.0%	4.6%	5.4%
Return on assets	3.8%	4.5%	2.3%	1.8%	0.5%	0.6%	1.4%	2.1%
Free cash flow yield	-4.8%	2.4%	2.7%	10.9%	13.6%	22.7%	-3.7%	5.7%
Earnings yield	5.5%	3.4%	2.0%	5.5%	1.9%	3.2%	15.7%	8.6%
Enterprise value	₹23.3B	₹33.1B	₹27.4B	₹11.1B	₹9.7B	₹8.6B	₹7B	₹8.8B
Net debt / EBITDA	2.39×	2.23×	3.31×	3.53×	4.32×	4.45×	4.58×	3.83×
Cash conversion cycle (days)	209	241	276	287	339	382	332	244